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I have closed a short sale property. I thought about purchasing title insurance since it was a short sale. But, I've heard from my agent and title company that I don't have to get one since seller purchased title insurance for the deal. So, I ended up closing it without getting an insurance. Is it OK? If not. Can I still get one after closing?

Call a local title (or 2) company and ask this question. Personally I would never, ever buy a home without title insurance especially on a short sale.

It may be too late but they may do a title search and if there are no problems issue the policy. If there are problems with the title you may be SOL. I would go back to the company the seller used back when they purchased if possible. They have covered it in the past and may be more willing to issue a new policy.

When you closed on your home, your mortgage company REQUIRED you to purchase title insurance to protect their interest in the property. At the same time, you were offered title insurance as well, to protect you. I tell my clients, the mortgage company wants their interest protected, and they are just investors... you live there AND it is your biggest investment, why on earth wouldn't you protect yourself? You may always buy title insurance, however it is offered at closing at a smaller cost since they have just done the title searches, etc. BUT, I have found that MOST title companies will write your same binder up to 30 days aftet closing. Call them and find out.

Lender is involved. It looks like they got title insurance for the amount of their investment.

Well ... it looks like that typically the seller does not purchase title insurance for the buyer. I've asked to the title company several times if I will not have any title issues, and heard that its possibility is ZERO since the seller paid insurance fee for me.

Lender is involved. It looks like they got title insurance for the amount of their investment.

Well ... it looks like that typically the seller does not purchase title insurance for the buyer. I've asked to the title company several times if I will not have any title issues, and heard that its possibility is ZERO since the seller paid insurance fee for me.

Everything is negotiable but usually (in TX) a seller buys the policy for the buyer and the buyer buys a 2nd and less expensive policy for the lender. Not sure what you've got title policy wise but I would want one.

Being a short sell, the bank may have refused to pay for your policy ? I would go back to the company and get one put in place.

The title company can say there should not be a problem but what if there is ? A little insurance can save you a lot if there is a problem.

if the seller (in a short sale, the seller is the owner NOT the bank) paid for your closing costs, including title insurance, then you should get a policy. Ask the title compny when you will be recieving your policy : )

if the seller (in a short sale, the seller is the owner NOT the bank) paid for your closing costs, including title insurance, then you should get a policy. Ask the title compny when you will be recieving your policy : )

shelly

The seller did not pay closing cost but I did. I have recieved a copy of document
named "COMMITMENT FOR TITLE INSURANCE" which is composed with section A and section B. I believe this is a title insurance. My name and my lender are listed on this copy.

The seller did not pay closing cost but I did. I have received a copy of document
named "COMMITMENT FOR TITLE INSURANCE" which is composed with section A and section B. I believe this is a title insurance. My name and my lender are listed on this copy.

Sounds like you are covered, I'd verify you are the main insured along with your lender.

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